Published on 3/31/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $418,000 phoenix autocallable notes on SPDR, Russell, S&P
By Kiku Steinfeld
Chicago, April 1 – Barclays Bank plc priced $418,000 of phoenix autocallable notes due April 3, 2025 linked to the least performing of the S&P 500 index, the Technology Select Sector SPDR fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each asset closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par plus the final coupon if each asset finishes at or above its 70% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performing asset from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | S&P 500 index, Russell 2000 index, Technology Select Sector SPDR fund
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Amount: | $418,000
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Maturity: | April 3, 2025
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Coupon: | 11% annualized rate, payable monthly if each asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each asset finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing asset from its initial level
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Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any monthly call observation date after three months
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Initial levels: | 39,512.13 for S&P, 1,888.734 for Russell, $173.86 for fund
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Coupon barriers: | 3,115.27 for S&P, 1,322.11 for Russell, $121.70 for fund; 70% of initial levels
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Final barriers: | 3,115.27 for S&P, 1,322.11 for Russell, $121.70 for fund; 70% of initial levels
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | Barclays
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Fees: | 0.675%
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Cusip: | 06745MGB8
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